Germany's industrial orders, air freight volumes grow on back of exports

GERMANY's industrial orders grew by 1.6 per cent in October, with demand from overseas increasing by 0.8 per cent and domestic orders rising by 2.4 per cent.

Orders received from inside the European Union declined by 0.9 per cent, while other countries' orders were up by two per cent, according to figures from the nation's Economy Ministry.

"Domestic demand rose more strongly than foreign new orders, signalling that the upswing is getting broader and less dependent on the well-being of the global economy," UniCredit Analyst Andreas Rees was cited as saying in a report by the Associated Press.

October's increase comes after a four per cent loss the previous month. Industrial orders for September and October combined were also 16 per cent higher than a year earlier, the ministry said.

Turning to air freight, the volume of cargo handled at Germany's airports increased by 26.1 per cent in the first nine months of the year compared to the same period a year earlier, to surpass three million tons, according to Germany's Federal Statistical Office.

Air freight within the European Union in the first nine months of the year grew by 14 per cent. Shipments with the US and Asia were up by 33 per cent and 36 per cent, respectively, the report noted.

Germany's central bank is now forecasting that the nation's economy will grow by 3.6 per cent this year and by two per cent in 2011.
(source:www.schednet.com)